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Analysis

Analysis: Volatility Returns to Cryptoworld after Healthy Rally

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Bitcoin at $3500, Ethereum at $300, Litecoin at $50… Those levels were quite far away just a few weeks ago when the broad correction in the segment dragged the major players and the smaller coins lower. Although only BTC hit new highs during this leg higher, given the incredible rise prior to that in the Ethereum ecosystem, one needs to look very close to conclude that Bitcoin is outperforming ETH. That said, the all-time high for Ethereum is still ways off, and the market is likely in for a short-term correction, as the two most valuable currencies both reached overbought territory following the SegWit lock-in for BTC.

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ETH/USD, 4-Hour Chart Analysis

Ethereum spiked above $300 after passing the strong $285 resistance, and it started a choppy consolidation afterward, with the MACD indicator pointing to a correction. Litecoin reached a high above the $50 level for the first time in a month, while Dash, Ripple, and Ethereum Classic also attempted a rally, before retracing most of their gains. Let’s how the majors stand as BTC and ETH are working through their overbought readings.

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Bitcoin

BTC/USD, 4-Hour Chart Analysis

Bitcoin entered a short-term correction after hitting $3500, and it spiked as low as $3150 this morning although it bounced back to $3300 quickly. The uptrend in the coin is not in danger yet, but more consolidation is likely before another move to new highs. Support levels are found near $3000 and $2900. The long-term picture is also getting close to overbought, and investors should wait for a deeper correction to enter new positions, while traders should still trade with a bullish bias.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin rallied above $50 as we expected, but it remains below the crucial level after a swift pull-back. The short-and long-term picture remains bullish, and a test of the prior high above $60 is likely in the coming period, with the long-term range projection target still being just below $60.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash bounced off the upper boundary of the current triangle consolidation pattern overnight after spiking to $210. The technical setup is still clearly positive, and a break-out to new highs towards the long-term target at $260 is the most likely major move of the coming period. Primary support is at $190 with further levels at $170 and near $150.

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP hit $0.20 overnight, breaching the declining long-term trendline in the process, before falling back to the $0.18 support/resistance level. The coin remains stuck in the correction pattern, but a move higher is more and more likely, with the crucial resistance zone around $0.22 being the next possible stop for the coin.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC moved higher as well overnight, helped by the broad rally, but it also failed to stay above the $0.16 level and the declining trendline, similarly to XRP. As the correction pattern is converging with the base formation around the $14 level soon, the next major move will likely start in the coming week.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero remains among the strongest coins short-term, hovering around the $52, despite reaching overbought territory and starting a consolidation. Support levels are still found at $50, $46, and near $42, while a move towards the prior high at $58 remains likely when the current correction runs its course.

NEM

NEM/BTC, 4-Hour Chart Analysis

NEM turned volatile after bouncing back off the 0.00009 level for the second time. Both the short- and long-term setups look encouraging, and a rally to 0.00010 is likely in the coming days. Strong support is found at 0.000075, and below that near 0.00007.

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4.7 stars on average, based on 109 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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  1. dantecz

    August 9, 2017 at 7:31 pm

    You wrote in the previous news, when ETH will be a maximum of 285USD…

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Analysis

Technical Analysis: Correction Continues but Coins Remain Stable

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It’s been another mixed session for cryptocurrency investors as judging by only the price action, the segment suffered losses across the board, but comparing the current sell-off to the January plunge reveals that the majors are much more resilient this time around.

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The largest digital currencies are holding on to most of the gains of the recent weeks, and the price action near the crucial support zones is also encouraging. With all that said, the correction is not over yet, and further losses are still in the cards, but barring a substantial change in price action, the coins will likely continue the rally.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin has been trading around the key $10,000 level all day long, and, so far, a clear break-down has been averted. The short-term momentum indicators are now in neutral territory regarding the most valuable coin, and that could mean that a bottom is close, and investors should already add to their holdings here. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

XMR/USDT, 4-Hour Chart Analysis

Correlation between the majors has increased during the sell-off, but there are still clear outperformers and laggards, adding to the bullish case. Monero remains among the strongest coins from a technical perspective, trading right at the lower boundary of the bullish consolidation pattern, with the $280 price level holding up for now. The coin faces strong resistance near $300 and $335, but we expect the uptrend to continue with the next target being ahead at $400, while further support is found at $240.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Pre-Market: Bulls Try to Fight Back after Ugly Overnight Session

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Following the steep late-day downturn on Wednesday, which followed the not-to-hawkish FED meeting minutes, Asian markets and US equity futures continued lower with a vengeance. The very active overnight trading is another sign of the regime change in traditional financial markets that we have been monitoring for the last two weeks, ever since the “Black Monday of 2018”.

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Dow Futures, 4-Hour Chart Analysis

EUR/USD Changing Behavior

The European session brought about an oversold bounce that stabilized markets from stocks to currencies. The EUR/USD pair that has started acting “normally” considering its relationship with US Treasury yields lately, is headed south once again, trading only 0.5% above its recent correction lows after clearly breaking below the rising trendline.

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EUR/USD, 4-Hour Chart Analysis

The bull-trap that we identified a few days ago was the start of the current leg lower, and if the regime change will be persistent, the most traded forex pair could be back to the role of the “risk-on/risk-off” indicator that has been the privilege of commodity currencies in the last couple of weeks.

USD/JPY, 4-Hour Chart Analysis

The Japanese Yen is showing notable strength after its overbought dip, and the primary safe-haven currency could be in for more gains, should the risk-selloff continue. The Yen also gained ground on the common European currency, following the dovish ECB meeting accounts and the misses in the German IFO business climate indicator and the British GDP, which all question the European growth-monetary tightening narrative.

Canadian Dollar in for a Wild Ride

USD/CAD, 4-Hour Chart Analysis

With the Canadian retail sales report and the US crude oil inventory data coming out soon, forex traders should expect sizeable moves in the recently weak currency, while the USD should also be very active during the US stock market session.

All eyes are on Treasury yields again, with the slight correction today helping the bounce in stocks and other risk assets. The Nasdaq could be the motor of a stronger rally on Wall Street, but we wouldn’t bet the house on that, as the short-term technical setup remains bearish, and a re-test of the correction lows is still the most likely scenario for the coming weeks.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 109 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Bitcoin Tests $10,000 amid Correction

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The altcoin-triggered correction continued in the segment overnight amid the renewed sell-off in global stocks, with a slight bounce in Asian trading and a subsequent dip after the European open. The major coins are all down by more than 5% since yesterday, but for now, the momentum of the move is not worrying, and most importantly the leadership of the rally is holding up relatively well.

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Bitcoin bounced off the key $10,000 level, the $200 support zone held in Litecoin, Monero is still in its consolidation pattern above $280, and only Dash showed deterioration since yesterday, but the long-term picture remains encouraging even in Dash’s case.

LTC/USD, 4-Hour Chart Analysis

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The above-mentioned levels in the technically strongest coins are not even the last line of defense for bulls, as the preceding strong rally left several key levels behind which could serve as the basis of the next leg higher.

Also, we expect the currently negatively diverging coins, led by Ethereum and Ripple, to start showing strength as the short-term momentum reaches oversold territory, and good entry points might be close both for traders and long-term investors.

BTC/USD, 4-Hour Chart Analysis

BTC touched the $10,000 support level, but for now, the technically more important $9000-$9200 zone is not in danger, and the short-term momentum indicators are already neutral thanks to the correction.

That said, more downside is likely in the coming days, but investors and traders should be looking for reversals to enter new positions, as we expect the uptrend to continue, with targets ahead at $11,300, $13,000 and $14,250.

Ethereum Provides a Glimmer of Hope

ETH/USD, 4-Hour Chart Analysis

Although bears are still in control regarding the short-term picture in the second largest coin, this morning ETH didn’t hit a significant new swing low, and that could be the first sign of relative strength, with the $845 support not far above the current price level, and the MACD indicator is already near oversold territory.

Despite the slightly positive sign, short-term traders should remain defensive concerning the weaker coins, while long-term investors should still accumulate the currencies on the dips.

Stay tuned for our detailed technical analysis later on today.

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Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 109 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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